Groww reports Rs 805 crore net loss for FY24 amid domicile shift to India

Groww, a financial services platform, announced a net loss of Rs 805 crore for the financial year ending March 31, 2024 (FY24). This significant loss was primarily attributed to a one-time tax payment of Rs 1,340 crore related to the company's recent decision to shift its domicile to India.

Despite the net loss, Groww reported operational profitability of Rs 535 crore for FY24, reflecting a 17% increase from Rs 458 crore in FY23. The company's revenue skyrocketed to Rs 3,145 crore in FY24, a substantial rise from Rs 1,435 crore in the previous fiscal year.

In a statement, Groww detailed, "The company paid about Rs 1,340 crore as a one-time tax on its domicile movement to India earlier this year. After paying tax, the company reported a net loss of Rs 805 crore."

Founded in 2016 as a mutual funds investing platform, Groww has diversified its services over the years. In 2020, the company expanded into stock trading, and last year, it ventured into consumer lending, payments, and asset management through its subsidiaries.

As of October 2024, Groww boasts an active stock investor base of 1.2 crore, solidifying its position in the rapidly evolving financial landscape.